How the TON ecosystem legalized 531M TONRivol released its second major investigation this week — this time about the TON Ecosystem Reserve. At the center of the story are 531M TON, presented in 2022 as a “community donation”, while almost the entire reserve allegedly came from linked early-miner wallets connected to Telegram’s orbit.
What changed
In April 2022, TON Foundation announced a $1B raise for the TON Ecosystem Reserve Publicly, it was framed as whales contributing TON without asking for anything in return According to the investigation, 99.99% of the funds came from 37 linked early-miner wallets Some wallets transferred literally their entire balance into the Reserve In November 2023, control over 531M TON moved from a multisig to a single wallet Since July 2025, 77% of withdrawn funds allegedly went to Telegram Part of the flow is possibly linked to the TON Strategy deal Why it matters The Foundation still has not clearly disclosed where the Reserve funds went Promised programs — grants, integrations and community growth — allegedly received nothing from the Reserve before control changed TON Stiftung, which was supposed to be the legal recipient of donations, was registered only in May 2023 That was roughly a year after the original reserve raise The “community donation” now looks like a way to turn early-mined TON into a legal liquid asset For the ecosystem, this raises an uncomfortable question: who really controlled the reserve and why were hundreds of millions of TON explained only after the factTON got a clean story about generous whales and ecosystem growth. Rivol is now showing a different version: early miners, a single wallet, Telegram and 531M TON that spent too long being called a “community reserve”.
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